American Soviet Ministry of Finance Finally Manages to Rally Stocks
October 29th, 2008Congratulations, Comrades Hank and Ben!
Via: CNN:
Stocks in Asian and Pacific markets surged on Wednesday, with Japan’s Nikkei up 6.4 percent at the midday break, a day after Wall Street posted its second-largest one-day point gain ever.
Australia’s All Ordinaries index was up a modest 2.9 percent, South Korea’s KOSPI gained 3.9 percent, and the Taiwan Weighted was up more than 2 percent. Hong Kong’s Hang Seng index was up 4.5 percent in late morning trading, and Singapore’s Straits Times posted a 1.8 percent gain.
The jolt in these markets followed the Dow’s dramatic 10.9 percent rally, a jump of 889 points, as bargain-hunters snapped up stocks beaten down in value by recent sell-offs. Tuesday’s performance was second only to a 936-point record rally two weeks ago and was the sixth-biggest percentage gain for the index.
The Standard and Poor’s 500 index gained 10.8 percent, and the Nasdaq composite added 9.5 percent.
The advance came ahead of an expected Federal Reserve decision on interest rates on Wednesday.
900 points in one day? Such jumps are symptomatic of the sort of volatility that indicates financial markets in serious trouble, and the other time in US history you’ll find such wild upward swings was, you guessed it, the Depression Era.
To quote the final lines in John Carpenter’s
delicious Halloween cinema fantastisque`
The Thing
Child’s:
fire’s got the temperature way up all over camp,won’t last long though
MacReady:
Neither will we
@John Doh:
Sometimes I think the classic line from John Carpenter’s least appreciated classic The Prince of Darkness may also prove all too appropriate: “Pray for death!”